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【出版时间及名称】：2009年11月韩国轮胎行业研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：83
【目录或简介】：
Table of Contents
Executive summary ........................................................................... 4
Structural growth story and near-term fundamentals in favor...................................................4
Valuation ..................................................................................................................................5
Key risks...................................................................................................................................5
Earnings forecast & valuation .......................................................... 6
Positive on tire demand outlook, Buy Hankook and Nexen ......................................................6
Valuation and earnings forecast ................................................................................................7
Earnings sensitivity to currency and raw material costs ...........................................................8
Valuation and target price .........................................................................................................9
Global valuation matrix............................................................................................................13
A brief introduction to the tire industry ........................................ 14
A mature industry with slow but steady volume growth rates ...............................................14
Replacement (RE) tire sales is the main profit contributor......................................................14
From a fragmented industry to oligopoly-stable margins........................................................15
Key factors affecting industry profitability...............................................................................17
Overcapacity issues are being addressed by factory closures ...............................................18
Korean tire makers – well positioned for growth......................... 19
Arriving on the global stage ....................................................................................................19
Well-balanced geographical sales and production mix ...........................................................21
Hankook Tire has one of the best margins in the industry ......................................................23
Better product mix contributes to Korean tire makers’ profitability.........................................24
Seeking improvements in distribution.....................................................................................25
Early mover advantage in China ..............................................................................................25
Demand in key markets to rebound in 2010-11E .......................... 27
Market decline decelerating, demand picking up....................................................................27
Raw material costs rising, but not a big threat yet ...................... 29
Oil price is the key variable affecting raw material costs ........................................................29
Comparison of Hankook, Kumho and Nexen ................................ 31
Hankook Tire .................................................................................... 36
Nexen Tire ........................................................................................ 52
Kumho Tire....................................................................................... 68
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